Monthly EMI
Principal amount
Total Interest
Total amount
Want an estimate of the EMI for the loan you wish to avail of? Use the ICICI Personal Loan Calculator and get the accurate EMI in the shortest time. All you have to do is enter the loan amount, tenure and the rate of interest to arrive at the EMI, Compare EMIs of other popular banks using the ICICI Bank Personal Loan EMI calculator and choose the best personal loan.
ICICI Personal Loan EMI Calculator
ICICI bank is one of the most popular private sector banks and is a pioneer in retail lending. The most popular retail loan product is the personal loan. The bank’s personal loans are available at a 10.50% interest rate per annum, which is very competitive. The most attractive aspect is the pre-approved personal loan that can be availed within seconds of placing a request. However, estimation of the EMI using the ICICI bank personal loan EMI calculator is as much required to assess your repayment capacity before applying for a personal loan.
How does ICICI loan EMI calculator work?
The ICICI loan EMI calculator functions based on three crucial parameters – the loan amount, the loan tenure, and the interest rate. Upon inputting these details, the calculator instantly computes the EMI you need to pay each month for the loan tenure. The breakdown provided by the calculator offers a crystal-clear understanding of the loan repayment structure, thereby allowing for well-informed decisions.
ICICI Bank Personal Loan Interest Calculator Formula
The EMI for a personal loan depends on three parameters: the loan amount, the interest rate, and the loan tenure. Here’s the formula used to calculate EMI:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where:
- P represents the loan amount.
- R stands for the monthly interest rate (annual interest rate/12/100).
- N represents the loan tenure in months.
Let’s take an example: if you avail a loan of Rs. 5 lakh for a period of 2 years (24 months) with an annual interest rate of 12%, the EMI would be calculated as follows:
EMI = [5,00,000 x (1+0.01)^24] / [(1+0.01)^24 – 1] = Rs. 23,537.
The EMI calculated will be payable each month for 24 months.
ICICI Bank Personal Loan Interest Rate
ICICI Bank offers competitive interest rates on personal loans. These rates are determined based on several factors, such as the applicant’s credit score, loan amount, tenure, and more. For instance, as of 2021, the bank provided personal loans starting from an interest rate of 10.75% p.a. These rates are subject to change and are regularly updated on the bank’s official website.
ICICI Bank Personal Loan Features and Benefits
- Flexible tenure: ICICI Bank offers flexible loan tenure options ranging from 12 to 60 months, allowing you to choose a repayment period that best suits your financial situation.
- High loan amount: You can avail a personal loan up to Rs 20 lakh, depending on your eligibility, to cater to a wide range of financial needs.
- Quick and easy process: The loan application process is quick, and the bank requires minimal documentation. This means you can get the funds when you need them without any delay.
- Online access: The bank offers online account access, so you can check your loan status, view your EMI schedule, and manage your loan account conveniently.
ICICI Bank Personal Loan Fees & Charges
Processing Fees
Up to 2.25% per annum of loan amount plus GST
Foreclosure Charges
In case you want to repay your entire loan amount before the loan period ends. ICICI Bank allows prepayment of personal loan after paying 6 EMI’s with 5% prepayment charges applicable.
ICICI Personal Loan Contact Number
For any queries related to personal loans, you can reach out to ICICI Bank’s customer care service at their toll-free number. This information is readily available on the ICICI Bank website.
Types of personal loan offered by ICICI Bank
ICICI Bank personal loan balance transfer ICICI bank provides balance transfer facility on personal loans to help you reduce your burden of existing loan. You can reduce your EMIs through balance transfer and avail additional benefits. The key features of an ICICI Bank personal loan balance transfer are-
- Attractive interest rates
- Top-up loan facility
- Hassle-free process with minimum documentation.
- Increase tenure.
The documents required for an ICICI bank personal loan balance transfer are-
- Most recent loan statement
- Bank statement for the last 6 months with a repayment schedule
- Salary slip
- KYC
Top – up loan ICICI bank also provides top-up loan facilities to help its customers meet their financial needs. An individual can opt for a new loan to cover her / his existing loan or new financial requirements.In such cases, a person can separate EMIs for both, existing and personal loan.Key features for availing a top – up loan –
- Collateral is not needed
- Minimum documentation is required
- Attractive interest rates starting at 10.99%
- Quick processing
Benefits of using CashZeni ICICI Bank EMI Calculator?
The CashZeni ICICI Bank EMI Calculator is a simple, efficient, and effective way to calculate your loan EMIs. Not only is it free and easy to use, but it also allows you to experiment with different variables like loan amount, tenure, and interest rate. This tool provides you with the precise amount of your EMIs, thus helping you make informed decisions about your loan.
Frequently Asked Questions
What are the minimum and maximum loan amounts?
You can avail loans ranging from Rs. 50,000 to Rs. 40,00,000. The approval of the loan amount depends on various parameters like your income, credit history, repayment patterns and capacity, your eligibility among various other factors.
What is the average processing time for ICICI personal loan?
ICICI bank offers easy and quick approvals on its personal loan. The process won’t take much time of the customers. ICICI bank offers instant approvals on personal loan at attractive interest rates.
What are the minimum and maximum tenure of repayment?
The minimum tenure for loan repayment is 12 months and the maximum tenure is 60 months for the repayment of the loan.
Are there any prepayment charges for ICICI Bank Personal Loans?
Yes, ICICI Bank does levy prepayment charges on personal loans. The exact charge depends on the timing of the prepayment. Please refer to the bank’s official website for detailed information.
How can I check the status of my ICICI personal loan application?
You can check the status of your loan application online by visiting the ICICI Bank’s official website and entering your application reference number.
What factors affect my ICICI Bank Personal Loan eligibility?
Factors such as your age, income, employment status, credit history, and repayment capacity affect your eligibility for a personal loan from ICICI Bank.
What happens if I miss an EMI payment for my ICICI Bank Personal Loan?
If you miss an EMI payment, you might be charged a late payment fee by ICICI Bank. Continuous defaults could negatively impact your credit score.
What is the interest rate for an ICICI Bank Personal Loan?
The interest rate for an ICICI Bank personal loan varies based on multiple factors such as the borrower’s credit score, loan amount, tenure, and others. For the most accurate and current interest rate information, it’s best to check the bank’s official website or contact customer service.